Bitcoin Price Forecast: BTC HIts 2-Month Low After Hacking

Bitcoin price exchange rate forecast

The Bitcoin price is close to flat lining, but, for those veteran crypto currency traders out there, it is only a new opportunity around the corner. With the Bitcoin price valued at around 613 USD, the overall views right now are barely Bearish.

In today’s Bitcoin news, the BTC/USD has plunged to a two-month low after one of the biggest exchanges revealed it had been hacked.

As reported by the FT, “Hong Kong-based Bitfinex announced the security breach and froze all customer accounts late on Tuesday.”

“Bitfinex is the largest dollar-based exchange and third-largest globally behind OKCoin and BTC China, both of which are based in renminbi.”

The recent bearish BTC moves reveal that the Bitcoin price could be set to test key support.

However, the longer-term BTC USD trend higher remains intact, says latest research.

Does anyone have a clue why the sudden relaxed price movement?

The last time Bitcoin price made close to no movement, within a couple of hours we saw a very strong spike (27th of May), opening the door to a Bullish trend which ended on the 14th of July.

Since then, the price has been fooling around between two strong horizontal values: the first one is the resistance level found at 650.00 and the second is the support level at 605.00.

On the 4 HR chart, things look pretty good for a Short Trader but do not get fooled.

As long as the minor resistance level at 635.00 remains intact we should see new lower lows, but once this level is history, the Daily BTC chart may be the best feedback provider.

As long as the above-mentioned resistance isn’t reached, there’s a 75% probability that we will find ourselves in a Selloff by the end of this week.

We could see 605.00 getting tested a couple of times, but if the pressure on the Bitcoin price is by the Short traders, once the level is breached, I have no clue how low it could go.

Latest Live Bitcoin Exchange Rates

  1. The Bitcoin price in US dollars today is -1.93% at 1 USD = 613.78 USD.
  2. The Bitcoin price in pound sterling today is 1 BTC = 469.2780 GBP.

Is price consolidation an option?

BTC/USD chart

From what I see on the charts right now, price consolidation is still in effect, but I do not imagine it holding for more than 3 days.

By Wednesday evening, if not sooner, a new trend may be visible on the BTCUSD.

Until then our only option will be to keep an eye for breakouts.

Don’t dive in like a newbie; cryptocurrencies have a little higher probability to give you a false trend confirmation.

Once you see a move above 635.00 or below 605.00, wait for a new candle to open and close above or below the mentioned values.

It provides you with a slightly higher guarantee on the trend’s strength.

When I say guarantee, I mean a slightly higher probability than usual, but do not expect it to work by the book.

Cryptocurrencies have the tendency to help you throw your technical analysis out the window with such ease that you may think that someone is fooling around with the price so that you get a new monitor (if you know what I mean).

Smashing your laptop or PC is not the best move when you are on the wrong side of the trend (for so many reasons) and because your strategy did not work well, the only way to be certain is to test it for at least 3 months if you do not have the patience to do it for an entire year.

Trading the BTCUSD is like Parkour, you never know when you will slip up, so tread carefully!

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